MetLife Assurance to be sold to Rothesay Life

Published by Gavin Markham on

MetLife Assurance, the UK bulk annuity insurer, is to be taken over by Rothesay Life. This transaction is subject to regulatory approval but is expected to be completed in Quarter 2 of 2014. MetLife Assurance has approximately £3bn of assets under management.

Following a recent review, MetLife Assurance’s parent, MetLife Inc. has concluded that continuing in the UK bulk annuity market no longer matches their business strategy. Rothesay Life have made a name for themselves in the market with some large high-profile transactions, and this latest news follows Goldman Sachs’ recent sale of the majority of their Rothesay shareholding.

During their time in the market, MetLife Assurance found most success in winning smaller transactions. This area of the market is now increasingly competitive with Partnership, Just Retirement and Canada Life all joining the race for these cases.